McGuire-Keogh Fair Trade Enabling Act (1952)

McGuire-Keogh Fair Trade Enabling Act (1952)

McGuire-Keogh Fair Trade Enabling Act was a significant piece of legislation passed in 1952 that aimed to promote fair trade practices and protect consumers from unfair pricing strategies.

The act prohibited certain unfair trade practices such as price fixing, price discrimination, and monopolies that hindered fair competition in the market. It also established guidelines for fair pricing and transparency in business transactions.

One of the key provisions of the McGuire-Keogh Fair Trade Enabling Act was the requirement for businesses to clearly label their products with pricing information to ensure consumers were aware of the true cost of goods and could make informed purchasing decisions.

Overall, the act was seen as a positive step towards promoting fair trade practices and protecting consumers from unethical business practices.

Examples of unfair trade practices prohibited by the act:

• Price fixing: When businesses conspire to set prices at a certain level to eliminate competition.
• Price discrimination: Charging different prices to different customers for the same product.
• Monopolies: When a single company dominates a particular market, limiting competition.

For more information about the McGuire-Keogh Fair Trade Enabling Act, you can visit Wikipedia.